SINGAPORE, NETRALNEWS.COM – Bahrain-based Arab Banking Corporation, also known as Bank ABC, the leading international banking in the Middle East and North Africa (MENA) region, has announced the opening of a branch in Singapore. This comes as part of the Bank’s plan to expand its international network, which already spans 16 countries in five continents.
Bank ABC has had a representative office in Singapore since 1982. With the realignment of its business strategy two years ago, it decided to upgrade the office into a full-fledged branch office. The Monetary Authority of Singapore in early November granted the Bank ABC a license to operate a whole-sale bank branch in the country.
Bank ABC held a reception in Singapore on November 10, 2017, to mark the new branch opening. The event was attended by the Bank’s clients and counterparties in Singapore.
Dr. Khaled Kawan, Group CEO of Bank ABC, explained that, “Opening a branch in Singapore reflects our commitment to customers in Singapore and Asia. Singapore is an important financial center, and our branch there will put us in a better and closer position to serve our clients and satisfy their financial needs.”
He added, “Expanding our Asia business also reflects our growth strategy and our vision to become MENA’s leading international bank by establishing a truly global footprint across MENA, Europe, the Americas and Asia and supporting the trade flow among these regions.”
Earlier this year, Bank ABC also opened a branch office in the Dubai International Financial Center.
Mr. Patric Tan has been appointed General Manager of Bank ABC’s Singapore Branch and Head of Asia. In this role, he will have the overall responsibility of leading the Bank’s business in Singapore and East Asia across all wholesale banking, treasury, and financial markets products, working closely with the other product lines and geography teams in the Bank ABC Group.
He has more than 20 years of regional banking experience at senior levels with international banks. He has covered the Asia Pacific region, with key focus on corporate and investment banking with large conglomerates and multinational companies. He has worked as Head of Corporate Banking for Singapore and Southeast Asia in three international banks, acquired broad experience in team management development, business development, credit and risk monitoring, portfolio management and debt restructuring.
The Bank ABC Group is a leading international wholesale bank providing innovative wholesale financial products and services that include corporate banking, trade finance, project and structured finance, debt capital markets, syndications, treasury products and Islamic banking. It also provides retail banking services through its network of retail banks in Jordan, Egypt, Tunisia, and Algeria.